(CNN) – Wendy’s announced plans Wednesday to sell 640 of its company-owned restaurants in the United States and Canada.
The sales are a part of the burger chain’s plan to reduce the number of company-owned locations.
The company hopes to sell the restaurants to franchisees. Wendy’s stock rose 7% on the news.
It intends to sell 380 restaurants this year and another 260 in 2016. The company is working with a private equity group to manage the sale, which will be directed at existing Wendy’s franchise owners.
At the end of 2014, Wendy’s had a total of 6,515 restaurants worldwide.